So just how much will actually be removed? What financial obligations will I still be left with? Is Bankruptcy actually going to help me get a fresh start?
When it comes to Bankruptcy in Whitsundays I often have people either stressed that their financial obligations won’t be removed, or will have no idea that bankruptcy does not really cover every little thing. So before you get too caught up with Bankruptcy please ascertain that the sort of financial obligation you possess is truly one that Insolvency will wipe clean!
As a whole, when it involves Bankruptcy, most unpaid debts are removed, but I have generated a handy table to help you out:
So as you can discover, a few of the exemptions are Centrelink Debts, Child Support, Court fines (like speeding penalties) and any financial obligations arising from uninsured Motor-vehicle claims and academic debts that include HECS or FEE-HELP. These particular financial obligations are not cleared away when you file for personal bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is financial debt that has some type of security attached to the financing– like a car or house loan where the asset is the security– the difference with these forms of debts is that when you remove them you will lose the security.
So if you possess a $30,000 car loan, you can wipe the financial obligation through bankruptcy by simply offering the car back. That is just one aspect that, when it comes to Bankruptcy, it is essential to get experienced assistance – like that offered at Bankruptcy Experts Whitsundays because it just isn’t always as straightforward, but you need to be reasonable and bear in mind that you can not always keep the asset. Feel free to call us at Bankruptcy Experts Whitsundays if you have any type of questions on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertswhitsundays.com.au
What about my business or Company financial obligations?
In many cases when it involves Bankruptcy we can aid you with your business debts, call us concerning this first. Bear in mind bankruptcy applies to an individual not companies, trusts or businesses. Usually you may need to liquidate a company to handle the financial debt this way. When it comes to Bankruptcy, it can be a tricky area, so remember there are effects for a local business owner like insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO can be removed with bankruptcy. If you have a business with any kind of debt get some guidance because it is not often so simple when it involves Bankruptcy because every debt is going to be varied and that will affect the degree that it can be removed, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Whitsundays we specialise in business and personal debts and can better clarify the exceptions to bankruptcy and what this will mean for you and your personal debts. So contact Bankruptcy Experts Whitsundays if you have any inquiries regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: Insolvency Whitsundays